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Eastnine

Eastnine

EURm 2020 2021e 2022e
Rental Income 19 23 26
Rental growth (%) 43,7 20,9 11
Net operating income 17 21 23
NOI margin (%) 91,2 90,9 90,5
CEPS Adj 0,47 0,58 0,67
CEPS Adj. growth (%) 85 23,6 15,8
DPS 0,3 0,34 0,38
EPRA NAVPS 14,6 15,53 17,03
EPS 1,1 0,75 0,57
EPS Adj 1,1 0,75 0,57
P/CEPS Adj. (x) 26,4 25,2 21,7
P/E Adj. (x) 11,2 19,5 25,6
P/EPRANAV (x) 0,85 0,94 0,86
Implicit yield (%) 5,8 5,8 6,4
div.yield (%) 2,4 2,3 2,6
LTV (%) 40 35,2 32,6
EURm 2020 2021e 2022e
Cash earnings 10 12 14
Tax rate (%) -12,5 -14,7 -15,8
Net investments 65 6 19
Acquisitions N/A N/A N/A
Other investments N/A N/A N/A
Divestments N/A N/A N/A
EPS 1,1 0,75 0,57
CEPS 0,47 0,58 0,67
CEPS adj. 0,47 0,58 0,67
Dividend per share Adj 0,3 0,34 0,38
Payout ratio of CEPS (%) 63,7 58,4 56,4
Rental growth (%) 43,7 20,9 11
NOI growth (%) 46,5 20,4 10,6
CEPS growth (%) 85 23,6 15,8
CEPS adj. growth (%) 85 23,6 15,8
Balance Sheet 2020 0 0
Properties 372 381 401
Deferred tax asset 0 0 0
Receivables 2 2 2
Cash and liquid assets 24 24 24
Other assets 106 106 106
Current liabilities 3 0 0
Total assets 502 511 531
Shareholders equity 310 331 347
Minority 0 0 0
Deferred tax 11 16 21
Interest bearing debt 179 165 162
Short-term debt 0 0 0
Derivatives 3 0 0
Total liabilities and equity 502 511 531
Other balance sheet related information 2020 0 0
Net IB debt 149 134 131
Rental area m2 (000) 121 121 121
Rent per m2 159 192 213
Equity ratio (%) 61,7 64,7 65,4
Loan to value (%) 40 35,2 32,6
Net loan to value (%) 54,5 49,7 46,6
ICR real estate 4 14 5
Interest rate on debt (%) 2 2 3
Occupancy rate (%) 92,6 92,6 92,6
NAV per share 0 0 0
BVPS 14,54 15,51 16,3
EPRA NAV per share 14,6 15,53 17,03
Valuation 2020 0 0
Shares outstanding adj. 21 21 21
Share price 11,33 14,6 14,6
Market cap. (m) 242 311 311
P/E 11,2 19,5 25,6
Net IB debt / share 7 6 6
P/CEPS 26,4 25,2 21,7
P/CEPS adj. 26,4 25,2 21,7
EV/EBIT 13,2 22,8 23,8
Implicit yield (%) 5,8 5,8 6,4
Yield on BV (%) 4,7 5,5 5,8
Dividend yield (%) 2,4 2,3 2,6
P/NAV 0 0 0
P/EPRA NAV 0,85 0,94 0,86
P/BVPS 0,85 0,94 0,9
EV/NOI 23,63 21,14 18,96
Rental income 19 23 26
Other income 0 0 0
Operating costs -2 -2 -2
Net operating income 17 21 23
NOI margin (%) 91,2 90,9 90,5
Value change realized 0 0 0
Value change unrealized 17 3 0
Administration costs -4 -4 -5
All other income & costs 0 0 0
EBIT 31 20 19
Net financial items -4 -1 -4
Value change derivatives -1 0 0
Pretax profit 27 19 14
Deferred profit tax -3 -3 -2
Current tax 0 0 0
Net profit 24 16 12
Minority interest 0 0 0
Net profit to shareholders 24 16 12
Other income statement related information 2020 2021 2022